Dayforce (NYSE:DAY) Rating Increased to Equal Weight at Wells Fargo & Company

Key Points

• Wells Fargo & Company upgraded Dayforce from an "underweight" to an "equal weight" rating, setting a new target price of $70.00, up from $50.00.
• Dayforce's stock has shown a 12-month low of $48.01 and a high of $82.69, with a current price around $68.95.
• The company reported a quarterly revenue of $464.70 million, exceeding analyst expectations, with earnings per share of $0.61, which is up from $0.48 in the previous year.

Dayforce (NYSE:DAY - Get Free Report) was upgraded by research analysts at Wells Fargo & Company from a "strong sell" rating to an "equal weight" rating in a research note issued on Friday, MarketBeat Ratings reports. The brokerage presently has a $70.00 price target on the stock, up from their previous price target of $50.00. Wells Fargo & Company's price target would indicate a potential upside of 1.19% from the stock's current price.

Other research analysts have also recently issued reports about the stock. UBS Group lifted their price objective on shares of Dayforce from $68.00 to $72.00 and gave the company a "buy" rating in a research note on Thursday, June 5th. Jefferies Financial Group boosted their target price on shares of Dayforce from $60.00 to $70.00 and gave the stock a "hold" rating in a research note on Thursday. Piper Sandler raised shares of Dayforce to a "strong-buy" rating in a research note on Tuesday, August 19th. TD Cowen cut shares of Dayforce from a "buy" rating to a "hold" rating in a research note on Thursday. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $95.00 target price on shares of Dayforce in a research note on Monday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $72.14.

Dayforce Price Performance

NYSE:DAY traded up $0.1750 during mid-day trading on Friday, reaching $69.1750. The stock had a trading volume of 5,247,516 shares, compared to its average volume of 3,564,479. The stock has a 50-day simple moving average of $57.28 and a two-hundred day simple moving average of $58.04. The stock has a market capitalization of $11.05 billion, a PE ratio of 230.59, a P/E/G ratio of 2.60 and a beta of 1.11. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.04 and a quick ratio of 1.04. Dayforce has a 12 month low of $48.01 and a 12 month high of $82.69.

Dayforce (NYSE:DAY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.61 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.52 by $0.09. The business had revenue of $464.70 million for the quarter, compared to analysts' expectations of $457.83 million. Dayforce had a net margin of 2.65% and a return on equity of 7.37%. The firm's quarterly revenue was up 9.8% compared to the same quarter last year. During the same period last year, the firm posted $0.48 earnings per share. On average, equities analysts anticipate that Dayforce will post 1.48 earnings per share for the current year.

Insider Transactions at Dayforce

In other news, COO Stephen H. Holdridge sold 2,000 shares of Dayforce stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $55.01, for a total transaction of $110,020.00. Following the transaction, the chief operating officer owned 190,811 shares in the company, valued at approximately $10,496,513.11. The trade was a 1.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP William Everett Mcdonald sold 2,059 shares of Dayforce stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $55.01, for a total transaction of $113,265.59. Following the transaction, the executive vice president owned 103,684 shares in the company, valued at approximately $5,703,656.84. This trade represents a 1.95% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,382 shares of company stock worth $539,860. Company insiders own 4.50% of the company's stock.

Hedge Funds Weigh In On Dayforce

Several hedge funds and other institutional investors have recently bought and sold shares of DAY. Envestnet Asset Management Inc. lifted its holdings in Dayforce by 2.8% in the fourth quarter. Envestnet Asset Management Inc. now owns 36,904 shares of the company's stock valued at $2,681,000 after buying an additional 1,018 shares during the period. Raymond James Financial Inc. acquired a new position in Dayforce in the fourth quarter valued at $1,764,000. CANADA LIFE ASSURANCE Co lifted its holdings in Dayforce by 1.7% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 59,211 shares of the company's stock valued at $4,297,000 after buying an additional 988 shares during the period. First Trust Advisors LP acquired a new position in Dayforce in the fourth quarter valued at $12,201,000. Finally, MetLife Investment Management LLC lifted its holdings in Dayforce by 1.5% in the fourth quarter. MetLife Investment Management LLC now owns 42,314 shares of the company's stock valued at $3,074,000 after buying an additional 613 shares during the period.

About Dayforce

Dayforce Inc, together with its subsidiaries, operates as a human capital management (HCM) software company in the United States, Canada, and internationally. It offers Dayforce, a cloud HCM platform that provides human resources, payroll and tax, workforce management, wallet, benefits, and talent intelligence functionalities; and Powerpay, a cloud HR and payroll solution for the small business market.